Federal Budget Update 2019-20

Highlights

Last night (2 April 2019) the Treasurer, Mr Josh Frydenberg handed down the 2019-20 Federal Budget, being the last Budget of the current Coalition Government before the next (May 2019) Federal Election.

The cash budget surplus, the first in 12 years, is estimated to be $7.1bn for 2019-20 (up from $2.2bn as estimated last May) representing around 0.4% of estimated GDP.  The budget position is predicted to improve over the forward estimates with a total of $45bn of surpluses over the four years to 2022-23.

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Superannuation

From 1 July 2020, individuals aged 65 and 66 will be able to make voluntary superannuation contributions (both concessional and non-concessional), without satisfying the work test.

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Individuals

Following this year’s Budget, individuals will benefit from further reductions in personal income tax, building on changes announced in the 2018-19 Federal budget.

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Small and Medium Business

The instant asset write-off will be increased to $30,000 with medium sized businesses having access for the first time.

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